Russian billionaires prosper under Kremlin control
Amid the ongoing conflict with Ukraine, Russia has seen the number of billionaires reach record levels. Yet over Vladimir Putin’s 25-year rule, the country’s oligarchs have largely lost their political influence. This concentration of power benefits Putin. Western sanctions have not swayed the ultra-rich into opposition, while his combination of incentives and pressure ensures their quiet support. Oleg Tinkov, a former banking billionaire, experienced this pressure firsthand. After publicly criticizing the war as “crazy,” the Kremlin warned that his Tinkoff Bank would be nationalized unless he severed all connections to the institution. The bank was sold within a week for just 3% of its estimated value, leaving Tinkov with losses approaching $9 billion and prompting his departure from Russia. The situation contrasts sharply with the post-Soviet era, when Russian oligarchs gained enormous wealth and political influence by acquiring state enterprises […]